With the coronavirus outbreak around the globe beginning to show signs of reducing, with the strict lockdown measures that many implemented being slowly lifted. However, governments are now facing an entirely new crisis as they deal with the economic impact that these social distancing measures created.
For many people living in the UAE, you may now be wondering whether you can still borrow money from a bank, or whether they are even still open for business.
How the UAE reacted to COVID-19
The good news, however, is that in March the UAE Central Bank made significant steps to help protect the economy and ensure the country was able to arrive out of the pandemic in a stable position.
These steps included providing banks and businesses with a huge Dh100 billion economic stimulus package, around 17% of the annual GDP. This has helped to significantly boost consumer and business confidence, with 42% of small and medium-sized businesses believing they will be able to return to pre-COVID-19 trade levels within six months.
Coupled with this is the fact that many industries have been able to swiftly adapt to the new outbreak, successfully being able to conduct their business online. Many companies have also been quick to adopt new technologies in order to help employees fully complete their job roles remotely from home.
So can you still borrow?
With confidence remaining high, many banks are continuing to operate as normal and are still lending residents and non-residents alike mortgages. In addition to the stimulus, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Prime Minister of UAE, recently announced a new mortgage law to help regulate the market by protecting lenders and borrowers and boosting transparency.
Here at My Mortgage, our talented team has been working throughout the pandemic to give our customers the very best service and loans possible. During these difficult times, our dedicated team has continued to provide our customers with the best possible mortgages at the best possible price.
As an independent brokerage, we are able to source the best deals from over thirty of the leading banks in the United Arab Emirates. This means that throughout the COVID-19 pandemic, our personalised service has become even more important as our dedicated team strived to secure the best deal.
No matter whether you are looking to lend money to buy a new property, make a final payment to a developer, or are looking for an equity release, it can be a very stressful period. This stress has only increased with the uncertainty caused by the outbreak, which is why our team works directly with the banks on behalf of our clients; ensuring you can focus on your family and future, letting My Mortgage handle the rest.
So whatever you might need a property loan for, My Mortgage is on hand to help you get the very best price possible so you can start your dream future, today.